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German Businessmen are worried due to lower level of export to Russia

German business can lose 6 billion euros due to lower level of goods supply.

31.Jul.14 9:38 AM
By Mikhail Prygunov


German Businessmen are worried due to lower level of export to Russia
According to information that was provided by Federal Association of Chambers of Commerce in Germany the level of export supplies to Russia can decrease by 17%. This will lead to great losses for German business. It can lose 6 billion euros in 2014. This is all due to a very hard geopolitical situation around Russia. This situation has also been discussed in Deutsche Welle. At first experts were sure that such losses will not be higher than 4 billion euros.

Such forecasts are based on data which has been received from leading German companies which are located in Moscow and St. Petersburg. Directors of these companies are worried due to the fact that a large number of Russian companies are ready to stop their cooperation. The main losses will be concentrated on engineering field and auto production.

The Head of the Federal Association of Medium Business notes that about 300 000 working places in Germany totally depend on cooperation with Russian companies. Mario Ochofen has also said that sanctions against Russia will lead to recession in Russian economy. This recession will cost Germany 0.5% of economic development. He also said that German business has already suffered from sanctions against Russian federation.

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